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#75973 - 04/25/03 04:15 PM Freddie LP Fee and GFE
Last Mango Offline
Gold Star
Joined: Mar 2001
Posts: 293
Too Far From the Beach
I have reviewed the great discussions in this site on this subject and looked at the rules. I am still puzzled by one issue. We just began using Freddie's Loan Prospector (LP) to underwrite loans. As you all probably know, the fee is $20. We have not yet received an invoice, but I have heard that Freddie's invoice will show the breakdown of the amount to be paid to the 3 credit bureaus they use and the amount Freddie retains.

If this information is available, are we supposed to show the entire breakdown of the fee on the GFE as follows?

1. Freddie's underwriting fee on one fee line (Not the
entire $20 but that portion they will keep for

2. The credit bureau's aggregate fees on another fee line
(My understanding is that on the GFE, you do not have
to list the providers, except for required providers.)

3. Required Service Provider section to list Freddie and
the 3 individual credit bureaus.

Thanks for your help!
If you keep living straight from the heart, you will know when to stop and to start.

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Lending Compliance
#75974 - 04/25/03 05:36 PM Re: Freddie LP Fee and GFE
KrisH Offline
Gold Star
Joined: Mar 2003
Posts: 358
I think you have been misinformed; our LP invoices only list the total cost ($20.00) per customer. There is no further breakdown. You would only need to show the $20.00 to Freddie Mac.
My opinions are my own and do not necessarily reflect the opinions of my employer.

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